"And it all came tumbling down...the housing mania, like all manias, will end badly."
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Housing mania? Beenie Babies were a mania.
Housing demand and pricing is cyclical and self-correcting - because everyone has to live somewhere.
Supply and demand - capitalism - freedom of choice - good stuff.
"because everyone has to live somewhere"
These discussions always seem to tickle me because I agree with you. However, everyone can't afford to pay 300,000 plus for living accomodations. When developers start building dwellings that people can afford, I bet they won't have a problem selling them. Supply and demand always will win out.